Exhibit 8.1

List of Subsidiaries

	Country of incorporation	Voting interest (%) as of December 31,2010
Afinco Américas Madeira, SGPS, Soc. Unipessoal Ltda.	Portugal		100.00	%
Banco Dibens S.A. (1)	Brazil		100.00	%
Banco Fiat S.A. (2)	Brazil		100.00	%
Banco Investcred Unibanco S.A. (1)	Brazil		50.00	%
Banco Itaú Argentina  S.A.	Argentina		100.00	%
Banco Itaú BBA S.A.	Brazil		99.99	%
Banco Itaú Chile S.A.	Chile		99.99	%
Banco Itaú Europa Luxembourg S.A.	Luxembourg		99.98	%
Banco Itaú BBA International S.A.	Portugal		99.99	%
Banco Itaú Paraguay S.A. (1)(3)	Paraguay		99.99	%
Banco Itaú Uruguay S.A.	Uruguay		100.00	%
Banco ItauBank S.A.	Brazil		100.00	%
Banco Itaucard S.A.  (2)	Brazil		100.00	%
Banco Itaucred Financiamentos S.A. (2)	Brazil		100.00	%
Banco  Itauleasing S.A. (2)	Brazil		100.00	%
BIU Participações S.A. (4)	Brazil		66.15	%
Cia Itaú de Capitalização	Brazil		99.99	%
Dibens Leasing S.A. - Arrendamento Mercantil (1)(2)	Brazil		100.00	%
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 Múltiplo S.A. (1)(2)	Brazil		100.00	%
Itaú Administradora de Consórcios Ltda.	Brazil		99.99	%
Itaú Bank, Ltd.	Cayman Islands		100.00	%
Itaú Corretora de Valores S.A. (2)	Brazil		100.00	%
Itaú Seguros S.A.	Brazil		100.00	%
Itaú Unibanco S.A.	Brazil		100.00	%
Itaú Vida e Previdência S.A.	Brazil		100.00	%
Itaú XL Seguros Corporativos S.A. (5)	Brazil		100.00	%
Itaúsa Export S.A.	Brazil		100.00	%
Luizacred S.A. Sociedade  Crédito Financiamento Investimento (1)	Brazil		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 (1)	Brazil		50.00	%
Redecard S.A. (6)	Brazil		50.01	%
Unibanco - União de Banco Brasileiros S.A. (1)	Brazil		100.00	%
Unibanco Holdings S.A. (1)	Brazil		100.00	%
Unibanco Cayman Bank Ltd (1)	Cayman Islands		100.00	%
Unibanco Participações Societárias S.A. (1)(2)	Brazil		100.00	%
Unicard Banco Múltiplo S.A. (1)(2)	Brazil		100.00	%

(1) Company consolidated as of February 2009 as a result of the acquisition of control in Unibanco and Unibanco Holdings, as described in Note 3a to our consolidated financial statements.

(2) As of December 31, 2009, we had 9.,99% interest in these subsidiaries.

(3) New denomination of former Interbanco S.A.

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

(5) Through December 31, 2009, we held 50% plus one voting share of Itaú XL but did not have control due to veto rights held by the other shareholder. On May 12, 2010 we paid in cash R$ 157 to purchase all outstanding shares of Itaú XL and we have consolidated Itaú XL from such date. No significant gain or loss resulted upon obtaining  control of Itaú XL.

(6) Company consolidated as of  March 2009, at the time of the acquisition of control, as described in Note 3b to our consolidated financial statements.