Exhibit 8.1

List of Subsidiaries

	Incorporation country	Voting interest % as of 12/31/2009
Afinco Américas Madeira, SGPS, Soc. Unipessoal Ltda.	Portugal		100,00	%
Banco Dibens S.A. (6)	Brazil		100,00	%
Banco Fiat S.A.	Brazil		99.99	%
Banco Investcred Unibanco S.A. (6)	Brasil		50,00	%
Banco Itaú Argentina  S.A.	Argentina		100,00	%
Banco Itaú BBA S.A.  (5)	Brazil		99.99	%
Banco Itaú Chile S.A. (1)	Chile		99.99	%
Banco Itaú Europa Luxembourg S.A. (2)	Luxembourg		99.98	%
Banco Itaú Europa  S.A. (2)	Portugal		99.99	%
Banco Itaú Uruguay S.A. (1)	Uruguay		100,00	%
Banco ItauBank S.A.	Brazil		100,00	%
Banco Itaucard S.A.	Brazil		99.99	%
Banco Itaucred Financiamentos S.A.	Brazil		99.99	%
Banco  Itauleasing S.A.	Brazil		99.99	%
BIU Participações S.A. (3)	Brazil		66,15	%
Cia Itaú de Capitalização	Brazil		99.99	%
Dibens Leasing S.A. - Arrendamento Mercantil (6)	Brazil		99.99	%
FAI - Financeira Americanas Itaú S.A. Crédito, Financiamento e Investimento	Brazil		50,00	%
Fiat Administradora de Consórcios Ltda.	Brazil		99.99	%
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento	Brazil		50,00	%
Hipercard Banco Muíltiplo S.A. (6)	Brazil		99.99	%
Interbanco S.A (6)	Paraguay		99,99	%
Itaú Administradora de Consórcios Ltda.	Brazil		99.99	%
Itaú Bank, Ltd.	Cayman Islands		100,00	%
Itaú Corretora de Valores S.A.	Brazil		99.99	%
Itaú Seguros S.A.	Brazil		100,00	%
Itaú Unibanco S.A.	Brazil		100,00	%
Itaú Vida e Previdência S.A.	Brazil		100,00	%
Itaúsa Export S.A. (2)	Brazil		100,00	%
Luizacred S.A. Sociedade  Crédito Financiamento Investimento (6)	Brasil		50,00	%
Oca Casa Financiera S.A.	Uruguay		100,00	%
Orbitall Serviços e Processamento de Informações Comerciais S.A.	Brazil		99.99	%
Ponto Frio Leasing S.A. Arrendamento Mercantil (6)	Brasil		50,00	%
Redecard S.A.(4)	Brazil		50.01	%
Unibanco - União de Banco Brasileiros S.A. (6)	Brazil		100,00	%
Unibanco Holdings S.A. (6)	Brazil		100,00	%
Unibanco Cayman Bank Ltd (6)	Cayman Islands		100,00	%
Unibanco Participações Societárias S.A. (6) (8)	Brazil		99.99	%
Unicard Banco Múltiplo S.A. (6)	Brazil		99.99	%

(1) Consolidated since its acquisition in April 2007.

(2) On November 2008 Itaú Unibanco acquired from Itaúsa, its then controlling shareholder, a controlling interest in Itaúsa Export S.A. and its subsidiaries. As further described in Note 3.2.a the transaction has been accounted for as a transaction between entities under common control resulting in Itaúsa Export S.A. and its subsidiaries being combined in these financial statements since January 1, 2007.

(3) Company consolidated as from February 2009 as a result of the acquisition of Unibanco, which held a 24.49% interest.

(4) Company consolidatedas from March 2009, date of the acquisition of control as described in note 3.1.b.

(5) The interest changed as compared as compared to December 31, 2007 from 74.49% to 99.99% as result of the purchase of all shares of HE Participações S.A. on December 2008, which held 50% of voting capital and 16.67% of total capital of Itaú BBA Participações S.A. (See Note 3.2.e)

(6) Company consolidated as from February 2009 as a result of the acquisition of control in Unibanco and Unibanco Holdings.

(7) Current denomination of Banco Itaú S.A. As further described in Note 3.2.d shares of Itaú Unibanco S.A. were issued to Itaúsa on November 2008 as part of the purchase price for acquisition of a controlling interest in Itaúsa Export S.A. and its subsidiaries. As a result as from November 28, 2008 Itaú Unibanco ceased to be a wholly-owned subsidiary of Itaú Unibanco Holding and the interest was reduced to 98.67%. Contemporaneously with the issuance of shares to the selling shareholders of Unibanco, Itaúsa exchanged such shares of Itaú Unibanco for shares of Itaú Unibanco Holdings and Itaú Unibanco became again a wholly-owned subsidiary of Itaú Unibanco Holding.

(8) See note 3.1.a