Exhibit 8.1

List of Subisidiaries

	Incorporation		Interest in voting capital at
Subsidiaries	Country	Activity	12/31/2012			12/31/2011
Banco Dibens S.A.	Brazil	Bank		100.00	%		100.00	%
Banco Fiat S.A.	Brazil	Bank		100.00	%		100.00	%
Banco Itaú Argentina S.A.	Argentina	Bank		100.00	%		100.00	%
Banco Itaú BBA S.A.	Brazil	Bank		99.99	%		99.99	%
Banco Itaú Consignado S.A.	Brazil	Bank		100.00	%		100.00	%
Banco Itaú Chile	Chile	Bank		99.99	%		99.99	%
Banco Itaú Europa Luxembourg S.A.	Luxembourg	Bank		99.99	%		99.99	%
Banco Itaú BBA International, S.A.	Portugal	Bank		99.99	%		99.99	%
Banco Itaú Paraguay S.A.	Paraguay	Bank		99.99	%		99.99	%
Banco Itaú Uruguay S.A.	Uruguay	Bank		100.00	%		100.00	%
Banco Itaucard S.A.	Brazil	Bank		100.00	%		100.00	%
Banco Itaucred Financiamentos S.A.	Brazil	Bank		100.00	%		100.00	%
Banco Itauleasing S.A.	Brazil	Bank		100.00	%		100.00	%
BIU Participações S.A.	Brazil	Holding company of non-financial institutions		-			66.15	%
Cia. Itaú de Capitalização	Brazil	Capitalization		99.99	%		99.99	%
Dibens Leasing S.A. - Arrendamento Mercantil	Brazil	Leasing		100.00	%		100.00	%
FAI - Financeira Americanas Itaú S.A. Crédito, Financiamento e Investimento	Brazil	Consumer finance company		100.00	%		-
Fiat Administradora de Consórcios Ltda.	Brazil	Consortia administrator		99.99	%		99.99	%
Hipercard Banco Múltiplo S.A.	Brazil	Bank		100.00	%		100.00	%
Itaú Administradora de Consórcios Ltda.	Brazil	Consortia administrator		99.99	%		99.99	%
Itaú Ásia Securities Ltd	Hong Kong	Broker		100.00	%		100.00	%
Itau Bank, Ltd.	Cayman Islands	Bank		100.00	%		100.00	%
Itaú Companhia Securitizadora de Créditos Financeiros	Brazil	Securitization company		99.99	%		99.99	%
Itaú Corretora de Valores S.A.	Brazil	Broker		100.00	%		100.00	%
Itaú Distribuidora de Títulos e Valores Mobiliários Ltda.	Brazil	Dealer		100.00	%		100.00	%
Itaú Japan Asset Management Limited	Japan	Asset management		100.00	%		100.00	%
Itaú Middle East Limited	Arab Emirates	Broker		100.00	%		100.00	%
Itaú Seguros S.A.	Brazil	Insurance		100.00	%		100.00	%
Itaú Unibanco S.A.	Brazil	Bank		100.00	%		100.00	%
Itaú USA, INC.	United States	Broker		100.00	%		100.00	%
Itaú Vida e Previdência  S.A.	Brazil	Pension plan		100.00	%		100.00	%
Itaú Unibanco Serviços e Processamento de Informações Comerciais S.A.	Brazil	Technology service		100.00	%		100.00	%
Redecard S.A.	Brazil	Card administrator		100.00	%		50.01	%
Unibanco Participações Societárias S.A.	Brazil	Holding		-			99.99	%
Joint Ventures
Banco Investcred Unibanco S.A.	Brazil	Bank		50.00	%		50.00	%
FAI - Financeira Americanas Itaú S.A. Crédito, Financiamento e Investimento	Brazil	Consumer finance company		-			50.00	%
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento	Brazil	Consumer finance company		50.00	%		50.00	%
Luizacred S.A. Soc. Cred. Financiamento Investimento	Brazil	Consumer finance company		50.00	%		50.00	%