Exhibit 8.1

List of Subsidiaries

		Incorporation		Interest in voting capital at						Interest in total capital at
List of Subsidiaries		country	Activity	31/12/2013			31/12/2012			31/12/2013			31/12/2012
Banco Citicard S.A.	(Note 3e)	Brazil	Financial institution		100.00	%		-			100.00	%		-
CitiFinancial Promotora de Negócios e Cobrança S.A.	(Note 3e)	Brazil	Service		100.00	%		-			100.00	%		-
Banco Dibens S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Banco Itaú Veículos S.A.	(1)	Brazil	Financial institution		100.00	%		100.00	%		100.00	%		99.99	%
Banco Investcred Unibanco S.A.	(2)	Argentina	Financial institution		50.00	%		50.00	%		50.00	%		50.00	%
Banco Itaú Argentina S.A.		Portugal	Financial institution		100.00	%		100.00	%		100.00	%		99.99	%
Banco Itaú BBA International S.A.	(3)	Brazil	Financial institution		0.00	%		99.99	%		0.00	%		99.99	%
Banco Itaú BBA S.A.		Chile	Financial institution		99.99	%		99.99	%		99.99	%		99.99	%
Banco Itaú Chile		Brazil	Financial institution		99.99	%		99.99	%		99.99	%		99.99	%
Banco Itaú BMG Consignado S.A	(4) (Note 3d)	Luxembourg	Financial institution		70.00	%		100.00	%		70.00	%		100.00	%
Banco Itaú Europa Luxembourg S.A.		Paraguay	Financial institution		100.00	%		99.99	%		100.00	%		99.99	%
Banco Itaú Paraguay S.A.		Switzerland	Financial institution		99.99	%		99.99	%		99.99	%		99.99	%
Banco Itaú Suisse S.A.		Uruguay	Financial institution		100.00	%		99.99	%		100.00	%		99.99	%
Banco Itaú Uruguay S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Banco Itaucard S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Banco Itaucred Financiamentos S.A.	(5)	Brazil	Financial institution		0.00	%		100.00	%		0.00	%		100.00	%
Banco Itauleasing S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Cia. Itaú de Capitalização		Brazil	Capitalization		100.00	%		99.99	%		100.00	%		99.99	%
Dibens Leasing S.A. - Arrendamento Mercantil		Brazil	Leasing		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Unibanco Veículos Administradora de Consórcios Ltda.	(6)	Brazil	Consortia administrator		100.00	%		99.99	%		100.00	%		99.99	%
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento	(2)	Brazil	Consumer finance credit		50.00	%		50.00	%		50.00	%		50.00	%
Hipercard Banco Múltiplo S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Administradora de Consórcios Ltda.		Hong Kong	Consortia administrator		100.00	%		99.99	%		100.00	%		99.99	%
Itaú Ásia Securities Ltd		Cayman Islands	Broker		100.00	%		100.00	%		100.00	%		100.00	%
Itau Bank, Ltd.	(7)	Colombia	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Itau BBA Colombia S.A. Corporación Financiera		United Kingdom	Financial institution		99.99	%		99.99	%		99.99	%		99.99	%
Itaú BBA International PLC		United States	Financial institution		100.00	%		99.99	%		100.00	%		99.99	%
Itaú BBA USA Securities Inc.		Brazil	Broker		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Companhia Securitizadora de Créditos Financeiros		Brazil	Securitization		100.00	%		99.99	%		99.98	%		99.98	%
Itaú Corretora de Valores S.A.		Brazil	Broker		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Distribuidora de Títulos e Valores Mobiliários S.A.		Japan	Dealer		100.00	%		100.00	%		99.99	%		99.99	%
Itaú Japan Asset Management Limited		Arab Emirates	Asset management		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Middle East Limited		Brazil	Advisory		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Seguros S.A.		Brazil	Insurance		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Unibanco Financeira S.A. - Crédito, Financiamento e Investimento	(8) (Note 3b)	Brazil	Consumer finance credit		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Unibanco S.A.		Brazil	Financial institution		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Unibanco Serviços e Processamento de Informações Comerciais Ltda.		Brazil	Technology services		100.00	%		100.00	%		100.00	%		100.00	%
Itaú Vida e Previdência  S.A.		Brazil	Pension plan		100.00	%		100.00	%		100.00	%		100.00	%
Luizacred S.A. Soc. Cred. Financiamento Investimento	(2)	Brazil	Consumer finance credit		50.00	%		50.00	%		50.00	%		50.00	%
Redecard S.A. (Rede)		Brazil	Acquirer		100.00	%		100.00	%		100.00	%		100.00	%
Tarjetas Unisoluciones S. A. de Capital Variable		Mexico	Credit card administrator		100.00	%		100.00	%		100.00	%		100.00	%

(1) New company name of Banco Fiat S.A.

(2) Joint ventures previously proportionately consolidated, fully consolidated as of 01/01/2013.

(3) Company merged on 02/01/2013 by Itaú BBA International Limited.

(4) New company name of Banco Banerj S.A..

(5) Company merged on 07/31/2013 by Itaú Unibanco S.A.

(6) New company name of Fiat Administradora de Consórcios Ltda.

(7) Does not include Redeemable Preferred Shares.

(8) New company name of FAI - Financeira Americana Itaú S.A. - Crédito, Financiamento e Investimento.