Exhibit 8.1.
List of Bancolombia’s subsidiaries as
of December 31, 2007.

	Jurisdiction of		Shareholding directly
Entity	Incorporation	Business	and indirectly
Leasing Bancolombia S.A.	Colombia	Leasing		100.00	%
Fiduciaria Bancolombia S.A.	Colombia	Trust		98.81	%
Bancolombia Panamá S.A.	Panama	Banking		100.00	%
Banca de Inversión Bancolombia S.A.	Colombia	Investment Banking		100.00	%
Compañía de Financiamiento Comercial Sufinanciamiento S.A.	Colombia	Financial services		99.99	%
Valores Bancolombia S.A.	Colombia	Securities brokerage		100.00	%
Bancolombia Puerto Rico	Puerto Rico	Banking		100.00	%
Multienlace S.A.	Colombia	Contact center		98.20	%
Inversiones IVL S.A.	Colombia	Investments		98.25	%
Factoring Bancolombia S.A.	Colombia	Financial services		99.99	%
Patrimonio Autónomo CV Sufinanciamiento	Colombia	Loan management		100.00	%