Exhibit 8.1

LIST OF SUBSIDIARIES (EXHIBIT)


ENTITY	JURISDICTION OF INCORPORATION	BUSINESS	PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2023		PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2022		PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2021
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria	Colombia	Trust		98.81%		98.81%		98.81%
Banca de Inversión Bancolombia S.A. Corporación Financiera	Colombia	Investment banking		100.00%		100.00%		100.00%
Valores Bancolombia S.A. Comisionista de Bolsa	Colombia	Securities brokerage		100.00%		100.00%		100.00%
WOMPI S.A.S. (before VLIPCO S.A.S.)⁽¹⁾	Colombia	Technology services provider		100.00%		99.98%		94.77%
Renting Colombia S.A.S.	Colombia	Operating leasing		100.00%		100.00%		100.00%
Transportempo S.A.S. “En Liquidación”	Colombia	Transportation		100.00%		100.00%		100.00%
Inversiones CFNS S.A.S.	Colombia	Investments		99.94%		99.94%		99.94%
Negocios Digitales Colombia S.A.S. (before Pasarela Colombia S.A.S)	Colombia	Payment solutions		100.00%		100.00%		100.00%
Fondo de Capital Privado Fondo Inmobiliario Colombia⁽²⁾	Colombia	Real estate investment fund		80.47%		80.47%		49.96%
P.A. Inmuebles CEM⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. Calle 92 FIC-11⁽²⁾	Colombia	Mercantil trust		52.31%		52.31%		32.47%
P.A. FIC Edificio Corfinsura⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. FIC-A5⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. FIC Inmuebles⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. FIC Clínica de Prado⁽²⁾	Colombia	Mercantil trust		62.00%		62.00%		38.49%
P. A. FIC A6⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. Central Point⁽²⁾	Colombia	Mercantil trust		60.35%		60.35%		37.47%
Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. Fideicomiso Twins Bay⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
Fideicomiso Lote Av San Martín⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
P.A. Fideicomiso Lote 30⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		49.96%
Fideicomiso Fondo Inmobiliario Bancolombia⁽²⁾	Colombia	Mercantil trust		80.47%		80.47%		17.54%
P.A. Florencia Ferrara^{(2) (3)}	Colombia	Mercantil trust		44.26%		44.26%		-
P.A. Flor Morado Plaza⁽³⁾	Colombia	Mercantil trust		80.47%		80.47%		-
P.A. Galería la 33⁽⁴⁾	Colombia	Mercantil trust		80.47%		-		-
Valores Simesa S.A.⁽⁵⁾	Colombia	Investments		64.93%		66.33%		66.82%
Fideicomiso Lote Distrito Vera B1B2⁽⁵⁾	Colombia	Mercantil trust		64.61%		66.00%		66.49%
Fideicomiso Lote Distrito Vera B3B4⁽⁵⁾	Colombia	Mercantil trust		64.61%		66.00%		66.49%
Fideicomiso Lote B6 Ciudad del Rio⁽⁶⁾	Colombia	Mercantil trust		-		66.00%		-
P.A. FAI CALLE 77⁽⁷⁾	Colombia	Real estate investment fund		98.00%		98.00%		-
P.A. NOMAD SALITRE⁽⁸⁾	Colombia	Real estate investment fund		98.00%		98.00%		-
P.A. NOMAD CENTRAL-2⁽⁹⁾	Colombia	Real estate investment fund		98.00%		-		-
P.A. CALLE 84 (2)⁽⁹⁾	Colombia	Real estate investment fund		98.00%		-		-
P.A. CALLE 84 (3)⁽⁹⁾	Colombia	Real estate investment fund		98.00%		-		-
P.A. MERCURIO⁽¹⁰⁾	Colombia	Real estate investment fund		100.00%		100.00%		-
Wenia S.A.S.⁽¹¹⁾	Colombia	Technology services		100.00%		100.00%		-
P.A. Wenia⁽¹¹⁾	Colombia	Mercantil trust		100.00%		-		-
Nequi S.A. Compañía de Financiamiento⁽¹²⁾	Colombia	Financial services		100.00%		100.00%		-
Bancolombia Panamá S.A.	Panama	Banking		100.00%		100.00%		100.00%
Sistemas de Inversiones y Negocios S.A. Sinesa	Panama	Investments		100.00%		100.00%		100.00%
Banagrícola S.A.	Panama	Investments		99.17%		99.17%		99.17%
Banistmo S.A.	Panama	Banking		100.00%		100.00%		100.00%
Banistmo Investment Corporation S.A.	Panama	Trust		100.00%		100.00%		100.00%
Leasing Banistmo S.A.	Panama	Leasing		100.00%		100.00%		100.00%
Valores Banistmo S.A.	Panama	Securities brokerage		100.00%		100.00%		100.00%
Banistmo Panamá Fondo de Inversión S.A.⁽¹³⁾	Panama	Holding		100.00%		100.00%		100.00%

Suvalor Renta Fija Internacional Corto Plazo S.A.⁽¹⁴⁾	Panama	Collective investment fund	-	-	100.00%
Fondo Renta Sostenible Global S.A.⁽¹⁴⁾	Panama	Collective investment fund	-	-	100.00%
Banistmo Capital Markets Group Inc.⁽¹³⁾	Panama	Purchase and sale of securities	100.00%	100.00%	100.00%
Anavi Investment Corporation S.A.⁽¹³⁾	Panama	Real estate	100.00%	100.00%	100.00%
Desarrollo de Oriente S.A.⁽¹³⁾	Panama	Real estate	100.00%	100.00%	100.00%
Steens Enterprises S.A.⁽¹³⁾	Panama	Portfolio holder	100.00%	100.00%	100.00%
Ordway Holdings S.A.⁽¹³⁾	Panama	Real estate broker	100.00%	100.00%	100.00%
Grupo Agromercantil Holding S.A.	Panama	Holding	100.00%	100.00%	100.00%
Banco Agromercantil de Guatemala S.A.	Guatemala	Banking	99.68%	99.68%	99.66%
Seguros Agromercantil de Guatemala S.A.	Guatemala	Insurance agency	79.92%	79.92%	79.92%
Financiera Agromercantil S.A.	Guatemala	Financial services	100.00%	100.00%	100.00%
Agrovalores S.A.	Guatemala	Securities brokerage	100.00%	100.00%	100.00%
Arrendadora Agromercantil S.A.	Guatemala	Operating Leasing	100.00%	100.00%	100.00%
Agencia de Seguros y Fianzas Agromercantil S.A.⁽¹⁵⁾	Guatemala	Insurance agency	-	100.00%	100.00%
Asistencia y Ajustes S.A.	Guatemala	Roadside and medical assistance services	100.00%	100.00%	100.00%
Serproba S.A.	Guatemala	Maintenance and remodeling services	100.00%	100.00%	100.00%
Servicios de Formalización S.A.	Guatemala	Loans formalization	100.00%	100.00%	100.00%
Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación”	Guatemala	Maintenance services	100.00%	100.00%	100.00%
Mercom Bank Ltd.⁽¹⁶⁾	Barbados	Banking	99.68%	99.68%	99.66%
New Alma Enterprises Ltd.	Bahamas	Investments	99.68%	99.68%	99.66%
Bancolombia Puerto Rico Internacional Inc.	Puerto Rico	Banking	100.00%	100.00%	100.00%
Bancolombia Cayman S.A.⁽¹⁷⁾	Cayman Islands	Banking	100.00%	100.00%	100.00%
Banco Agrícola S.A.	El Salvador	Banking	97.36%	97.36%	97.36%
Arrendadora Financiera S.A. Arfinsa	El Salvador	Leasing	97.37%	97.37%	97.37%
Credibac S.A. de C.V.	El Salvador	Credit card services	97.36%	97.36%	97.36%
Valores Banagrícola S.A. de C.V.	El Salvador	Securities brokerage	98.89%	98.89%	98.89%
Inversiones Financieras Banco Agrícola S.A. IFBA	El Salvador	Investments	98.89%	98.89%	98.89%
Gestora de Fondos de Inversión Banagricola S.A.	El Salvador	Administers investment funds	98.89%	98.89%	98.89%
Bagrícola Costa Rica S.A.	Costa Rica	Outsourcing	99.17%	99.17%	99.17%
Bancolombia Capital Holdings USA LLC⁽¹⁸⁾	United States	Holding	100.00%	100.00%	100.00%
Bancolombia Capital Adviser LLC⁽¹⁸⁾	United States	Investment advisor	100.00%	100.00%	100.00%
Bancolombia Capital LLC⁽¹⁸⁾	United States	Securities brokerage	100.00%	100.00%	100.00%
Wenia Ltd.⁽¹¹⁾	Bermuda	Technology services	100.00%	100.00%	-

⁽¹⁾ During 2022 and 2023, the Bank through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors.

⁽²⁾ During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, in order to strengthen governance and strategy decisions. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.

⁽³⁾ Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022.

⁽⁴⁾ Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023.

⁽⁵⁾ The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa subsidiary during 2023 and 2022.

⁽⁶⁾ During 2023, the trust rights were transferred by Valores Simesa S.A.

⁽⁷⁾ On March 1, 2022, the Parent Company was established as trustor of P.A FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Consolidated Financial Statement, Note 1. Reporting entity and Note 9.3. Business combination.

⁽⁸⁾ On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a Multifamily Project.

⁽⁹⁾ During February and April 2023, the Parent Company was established as trustor of P.A Nomad Central-2, P.A Calle 84 (2) and P.A Calle 84 (3), through a management mercantil trust agreement.

⁽¹⁰⁾ On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement.

⁽¹¹⁾ On July 22, 2022, the Bank through the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, established the company Wenia LTD in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia LTD established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S was established as trustor of the fiduciary rights of P.A Wenia. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.

⁽¹²⁾ On December 14, 2021, the board of directors of the Parent Company authorized the legal separation of the business of Nequi, the Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The

legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100% digital credit establishment. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.

⁽¹³⁾ Investments in non-operational stage.

⁽¹⁴⁾ Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10.

⁽¹⁵⁾ Company liquidated as of June 2023.

⁽¹⁶⁾ On September 30, 2021, Mercom Bank Ltd shareholder authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of the Bank. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.

⁽¹⁷⁾ On October 5, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.

⁽¹⁸⁾ Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information, see Consolidated Financial Statement, Note 1. Reporting entity.