Exhibit 8.1

The following is a list of subsidiaries of Bancolombia S.A. as of December 31, 2015 and 2014:

SUBSIDIARIES

Entity	Jurisdiction of incorporation	Business	Shareholding directly and indirectly 2015			Shareholding directly and indirectly 2014
Leasing Bancolombia S.A. Compañía de Financiamiento	Colombia	Leasing businesses		100.00	%		100.00	%
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria	Colombia	Trust businesses		98.81	%		98.81	%
Banca de Inversión Bancolombia S.A. Corporación Financiera	Colombia	Financial services		100.00	%		100.00	%
Valores Bancolombia S.A. Comisionista de Bolsa	Colombia	Securities brokerage		100.00	%		100.00	%
Tuya S.A. Compañía de Financiamiento (Discontinued operations)	Colombia	Financial services		99.99	%		99.99	%
Renting Colombia S.A.	Colombia	Operating leasing		100.00	%		100.00	%
Transportempo S.A.S.	Colombia	Transport services		100.00	%		100.00	%
Valores Simesa S.A.	Colombia	Investments		68.57	%		68.57	%
Inversiones CFNS S.A.S.	Colombia	Investments		99.94	%		99.94	%
CFNS Infraestructura S.A.S. (wound up in 2015)	Colombia	Investments		0.00	%		99.94	%
BIBA Inmobiliaria S.A.S.	Colombia	Real estate broker		100.00	%		100.00	%
Vivayco S.A.S. (in liquidation)	Colombia	Portfolio purchase		74.95	%		74.95	%
Uff Móvil S.A.S. (sold in 2015)	Colombia	Mobile network operator		0.00	%		75.05	%
FCP Fondo Colombia Inmobiliario S.A.	Colombia	Real estate broker		50.21	%		50.21	%
PA Cartera LBC.	Colombia	Loan management		100.00	%		100.00	%
Prosicol S.A.S. (in liquidation)	Colombia	Pre-operating stage		68.57	%		68.57	%
Fideicomiso "Lote Abelardo Castro".	Colombia	Mercantil trust		68.23	%		68.23	%
Bancolombia Panamá S.A.	Panama	Commercial bank		100.00	%		100.00	%
Valores Bancolombia Panamá S.A.	Panama	Securities brokerage		100.00	%		100.00	%
Suvalor Panamá Fondo de Inversión S.A.	Panama	Holding		100.00	%		100.00	%
Suvalor Renta Variable Colombia S.A.	Panama	Collective investment fund		100.00	%		100.00	%
Suvalor Renta Fija Internacional Corto Plazo S.A.	Panama	Collective investment fund		100.00	%		100.00	%
Suvalor Renta Fija Internacional Largo Plazo S.A.	Panama	Collective investment fund		100.00	%		100.00	%
Sistemas de Inversiones y Negocios S.A. Sinesa	Panama	Investments		100.00	%		100.00	%
Banagrícola S.A.	Panama	Investments		99.16	%		99.16	%
Banistmo S.A.	Panama	Banking		100.00	%		98.12	%
Banistmo Investment Corporation S.A.	Panama	Trust		100.00	%		98.12	%
Financomer S.A.	Panama	Financial services		100.00	%		98.12	%
Financiera Flash S.A.	Panama	Financial services		100.00	%		98.12	%
Grupo Financomer S.A.	Panama	Financial services		100.00	%		98.12	%
Seguros Banistmo S.A. (disposed in 2015)	Panama	Insurance company		100.00	%		98.12	%
Securities Banistmo S.A.	Panama	Purchase and sale of securities		100.00	%		98.12	%
Banistmo Asset Management Inc.	Panama	Purchase and sale of securities		100.00	%		98.12	%
Banistmo Capital Markets Group Inc.	Panama	Purchase and sale of securities		100.00	%		98.12	%
Van Dyke Overseas Corp.	Panama	Real estate broker		100.00	%		98.12	%
Inmobiliaria Bickford S.A.	Panama	Real estate broker		100.00	%		98.12	%
M.R.C Investment Corp. (wound up in 2015)	Panama	Real estate broker		0.00	%		98.12	%
Williamsburg International Corp.	Panama	Real estate broker		100.00	%		98.12	%
Leasing Banistmo S.A.	Panama	Leasing		100.00	%		98.12	%
Anavi Investment Corporation S.A. (Investments in non-operational stage)	Panama	Real estate broker		0.00	%		98.12	%
Desarrollo de Oriente S.A.  (Investments in non-operational stage)	Panama	Real estate broker		0.00	%		98.12	%
Bienes Raices Armuelles S.A.  (Investment absorbed by Van Dyke Overseas Corp during 2015)	Panama	Real estate broker		0.00	%		98.12	%
Steens Enterprises S.A.  (Investments in non-operational stage)	Panama	Portfolio holder		0.00	%		98.12	%
Ordway Holdings S.A. (Investments in non-operational stage)	Panama	Real estate broker		0.00	%		98.12	%
Banco Agrícola S.A.	El Salvador	Banking		97.36	%		97.35	%
Arrendadora Financiera S.A. Arfinsa	El Salvador	Leasing		97.36	%		97.36	%
Credibac S.A. de C.V.	El Salvador	Credit card services		97.36	%		97.36	%
Valores Banagrícola S.A. de C.V.	El Salvador	Securities brokerage		98.89	%		98.89	%
Inversiones Financieras Banco Agrícola S.A. IFBA	El Salvador	Investments		98.89	%		98.89	%
Arrendamiento Operativo CIB S.A.C.	Peru	Operating leasing		100.00	%		100.00	%
Fondo de Inversión en Arrendamiento Operativo - Renting Perú	Peru	Operating leasing		100.00	%		100.00	%
Capital Investments SAFI S.A.	Peru	Trust businesses		100.00	%		100.00	%
FiduPerú S.A. Sociedad Fiduciaria	Peru	Trust businesses		98.81	%		98.81	%
Leasing Perú S.A.	Peru	Leasing		100.00	%		100.00	%
Banagrícola Guatemala S.A.	Guatemala	Outsourcing		99.16	%		99.16	%
Grupo Financiero Agromercantil Holding S.A.	Guatemala	Holding		60.00	%		0.00	%
Banco Agromercantil de Guatemala S.A.	Guatemala	Banking		60.00	%		0.00	%
Mercomer Bank Ltd.	Guatemala	Banking		60.00	%		0.00	%
Seguros Agromercantil S.A.	Guatemala	Insurance company		59.17	%		0.00	%
Financiera Agromercantil S.A.	Guatemala	Financial services		60.00	%		0.00	%
Agrovalores S.A.	Guatemala	Securities brokerage		60.00	%		0.00	%
Tarjeta Agromercantil S.A.	Guatemala	Credit card		60.00	%		0.00	%
Arrendadora Agromercantil S.A.	Guatemala	Operating leasing		60.00	%		0.00	%
Agencia de Seguros y Fianzas Agromercantil S.A.	Guatemala	Insurance company		60.00	%		0.00	%
Asistencia y Ajustes S. A.	Guatemala	Services		60.00	%		0.00	%
Serproba S.A.	Guatemala	Refurbishment and remodeling services		60.00	%		0.00	%
Servicios de Formalización S.A.	Guatemala	Loans formalization		60.00	%		0.00	%
Conserjeria, Mantenimiento y Mensajeria S.A.	Guatemala	Maintenance services		60.00	%		0.00	%
Media Plus S.A.	Guatemala	Advertising and marketing		60.00	%		0.00	%
New Alma Enterprises Ltd.	Bahamas	Investments		60.00	%		0.00	%
Bancolombia Puerto Rico Internacional Inc.	Puerto Rico	Banking		100.00	%		100.00	%
Suleasing Internacional USA Inc. (wound up in 2015)	United States	Leasing		0.00	%		100.00	%
Bancolombia Cayman S.A.	Cayman Islands	Commercial Bank		100.00	%		100.00	%
Bagrícola Costa Rica S.A.	Costa Rica	Outsourcing		99.16	%		99.16	%