Table of Contents


Exhibit 8.1

List of Subsidiaries

UNIBANCO  UNIÃO DE BANCOS BRASILEIROS S.A.

|                                                                           |  |           
|-------------------------------------------------------------------------- |  | ----------
|ADMINISTRADORA E CORRETORA DE SEGUROS UNIBANCO LTDA.1                      |  | Brazil    
|AIG BRASIL COMPANHIA DE SEGUROS                                            |  | Brazil    
|BANCO DIBENS S.A.                                                          |  | Brazil    
|BANCO FININVEST S.A.                                                       |  | Brazil    
|BANCO INVESTCRED UNIBANCO S.A.                                             |  | Brazil    
|BANCO SURINVEST S.A.2                                                      |  | Uruguay   
|BANCO ÚNICO S.A.                                                           |  | Brazil    
|BANDEIRANTES PROCESSAMENTO DE DADOS LTDA. 3                                |  | Brazil    
|BWU COMÉRCIO E ENTRETENIMENTO LTDA.                                        |  | Brazil    
|CIBRASEC  COMPANHIA BRASILEIRA DE SECURITIZAÇÃO4                          |  | Brazil    
|CIBRASEC  DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS5                 |  | Brazil    
|CNF CONSÓRCIO NACIONAL LTDA.                                               |  | Brazil    
|COMPANHIA HIPOTECÁRIA UNIBANCO-RODOBENS                                    |  | Brazil    
|CONABINU PARTICIPAÇÕES LTDA.6                                              |  | Brazil    
|CORPORACIÓN INTERAMERICANA PARA EL FINANCIAMIENTO DE INFRAESTRUCTURA S.A.7 |  | Costa Rica
|CORRETORA DE SEGUROS E CAPITALIZAÇÃO UBB LTDA.                             |  | Brazil    
|DIBENS LEASING S.A.  ARRENDAMENTO MERCANTIL                               |  | Brazil    
|DIBENS S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS8                |  | Brazil    
|EMPRESA BRASILEIRA DE CAPTURA DE TRANSAÇÕES ELETRÔNICAS LTDA.              |  | Brazil    
|E-PLATFORM VENTURE PARTNERS EMPREENDIMENTOS E PARTICIPAÇÕES S.A.9          |  | Brazil    
|ESTREL ADMINISTRAÇÃO E PARTICIPAÇÕES S.A.                                  |  | Brazil    
|ESTREL ADMINISTRAÇÃO S.A.                                                  |  | Brazil    
|ESTREL ADMINISTRADORA E CORRETAGEM DE SEGUROS LTDA.10                      |  | Brazil    
|ESTREL ESTUDOS, REPRESENTAÇÕES E ADMINISTRAÇÃO LTDA.                       |  | Brazil    

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|                                                                  |  |               
|----------------------------------------------------------------- |  | --------------
|ESTREL S.A.                                                       |  | Brazil        
|ESTREL SERVIÇOS ADMINISTRATIVOS S.A.                              |  | Brazil        
|FINANSERV SERVIÇOS ADMINISTRATIVOS LTDA. 11                       |  | Brazil        
|FININVEST  NEGÓCIOS DE VAREJO LTDA.                              |  | Brazil        
|HIPERCARD ADMINISTRADORA DE CARTÕES DE CRÉDITO LTDA.12            |  | Brazil        
|HIPERCARD BANCO MÚLTIPLO S.A.                                     |  | Brazil        
|HIPERCARD INVESTIMENTOS LTDA.                                     |  | Brazil        
|HIPERCARD PROMOTORA DE VENDAS LTDA.                               |  | Brazil        
|INTERBANCO S.A.                                                   |  | Paraguay      
|INTERCHANGE SERVIÇOS S.A.13                                       |  | Brazil        
|IRB BRASILRESSEGUROS S.A.14                                       |  | Brazil        
|LATOSOL EMPREENDIMENTOS E PARTICIPAÇÕES S.A.15                    |  | Brazil        
|LUIZACRED S.A. SOCIEDADE DE CRÉDITO, FINANCIAMENTO E INVESTIMENTO |  | Brazil        
|MARCEP CORRETAGEM DE SEGUROS LTDA.                                |  | Brazil        
|MARCEP INTERNATIONAL TRADE FINANCE LTD.                           |  | Cayman Islands
|MEGBENS ADMINISTRAÇÃO DE BENS LTDA.                               |  | Brazil        
|MICROINVEST S.A.  SOCIEDADE DE CRÉDITO AO MICROEMPREENDEDOR      |  | Brazil        
|NET ONE ADMINISTRADORA E CORRETORA DE SEGUROS LTDA.               |  | Brazil        
|NUPEN PARTICIPAÇÃO EMPREENDIMENTOS E NEGÓCIOS LTDA.               |  | Brazil        
|OCEÂNICA HOSPITAL SISTEMAS DE ADMINISTRAÇÃO S.A.                  |  | Brazil        
|PAC  PRESTADORA DE SERVIÇOS LTDA. 16                             |  | Brazil        
|PHENIX PARTICIPAÇÕES LTDA.17                                      |  | Brazil        
|PHENIX SEGURADORA S.A.18                                          |  | Brazil        
|PONTO FRIO LEASING S.A. ARRENDAMENTO MERCANTIL                    |  | Brazil        
|PREVERCONSULT LTDA.  SERVIÇOS E CONSULTORIA EM PREVIDÊNCIA19     |  | Brazil        
|PROREVENDA PROMOTORA DE VENDAS E PRESTAÇÃO DE SERVIÇOS LTDA.      |  | Brazil        
|REDECARD S.A.20                                                   |  | Brazil        
|ROSEFIELD FINANCE LTD.                                            |  | Cayman Islands
|SEGURADORA BRASILEIRA DE CRÉDITO A EXPORTAÇÃO S.A.21              |  | Brazil        
|SERASA S.A22                                                      |  | Brazil        
|SURINVEST INTERNATIONAL LIMITED23                                 |  | Cayman Islands
|TBNET COMÉRCIO, LOCAÇÃO, FOMENTO E ADMINISTRAÇÃO LTDA.24          |  | Brazil        

__________________________12 This company was merged into Hipercard Banco Múltiplo S.A. on July 29, 2005, but such merger is still pending the approval of the Central Bank of Brazil. 13 We have a minor participation in this company of 25% of the total and of the voting capital. 14 We have a minor participation in this company of 11.082% of the total capital and of 22.165% of the non voting capital. 15 We have a minor participation in this company of 30.183% of the total and of the voting capital. 16 PAC- Prestadora de Serviços Ltda., Unibanco Saúde Ltda. and Vida Network Saúde Ltda. were merged into Unibanco AIG Seguros S.A on February 27, 2004, but such mergers are still pending approval of the
Superintendence of Private Insurance (SUSEP). 17 This company was merged into Phenix Seguradora S.A. on June 30, 2004, but such merger is still pending approval of SUSEP. 18 The corporate name of Phenix Seguradora S.A. was amended to Unibanco AIG Vida e Previdência S.A. on June 11, 2004, but such amendment is still pending the approval of SUSEP. 19 This company was merged into Unibanco AIG Previdência S.A. on June 30, 2004, but such merger is still pending filing with the Registrar of Companies in Brazil. 20 We have a minor participation in this company of 31.943% of the total capital, which represents a participation of 31.942% of the voting capital. 21 We have a minor participation in this company of 12.088% of the total and of the voting capital. 22 We have a minor participation in this company of 19.174% of the total capital, which represents a participation of 16.501% of the voting capital. 23 We have a minor participation in this company of 14.785% of the total and of the voting capital.24 This company is wholly owned by Tecnologia Bancária S.A. See note 25. 25 We have a minor participation in this company of 20.166% of the total and of the voting capital. 26 We currently held, indirectly, 100% of the share capital of this company.

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|                                                                     |  |                
|-------------------------------------------------------------------- |  | ---------------
|TECNOLOGIA BANCÁRIA S.A.25                                           |  | Brazil         
|TRADECOM INTERNATIONAL N.V.26                                        |  | The Netherlands
|TULIPA ADMINISTRAÇÃO S.A.                                            |  | Brazil         
|TULIPA ESTUDOS E PARTICIPAÇÕES S.A.                                  |  | Brazil         
|TULIPA S.A.                                                          |  | Brazil         
|TULIPA SERVIÇOS ADMINISTRATIVOS S.A.                                 |  | Brazil         
|UBB HOLDING COMPANY, INC.                                            |  | USA            
|UBT FIDUCIARY LTD.                                                   |  | Cayman Islands 
|UBT FINANCE S.A.                                                     |  | Switzerland    
|UBT INVESTMENTS LTD.                                                 |  | Cayman Islands 
|UNIBANCO AIG CONSULTORIA DE INVESTIMENTOS LTDA.                      |  | Brazil         
|UNIBANCO AIG PREVIDÊNCIA S.A.27                                      |  | Brazil         
|UNIBANCO AIG SAÚDE SEGURADORA S.A.                                   |  | Brazil         
|UNIBANCO AIG SEGUROS S.A                                             |  | Brazil         
|UNIBANCO AIG WARRANTY S.A.                                           |  | Brazil         
|UNIBANCO ASSET MANAGEMENT  BANCO DE INVESTIMENTO S.A.               |  | Brazil         
|UNIBANCO CAYMAN BANK LTD.                                            |  | Cayman Islands 
|UNIBANCO COMPANHIA DE CAPITALIZAÇÃO                                  |  | Brazil         
|UNIBANCO CORRETORA DE VALORES MOBILIÁRIOS S.A.28                     |  | Brazil         
|UNIBANCO EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.                       |  | Brazil         
|UNIBANCO EMPREENDIMENTOS LTDA.                                       |  | Brazil         
|UNIBANCO INVESTSHOP - CORRETORA DE VALORES MOBILIÁRIOS E CÂMBIO S.A. |  | Brazil         
|UNIBANCO NEGÓCIOS IMOBILIÁRIOS LTDA.                                 |  | Brazil         
|UNIBANCO PROJETO E CONSULTORIA DE INVESTIMENTOS LTDA.                |  | Brazil         
|UNIBANCO REPRESENTAÇÃO E PARTICIPAÇÕES LTDA. 29                      |  | Brazil         
|UNIBANCO RODOBENS ADMINISTRADORA DE CONSÓRCIOS LTDA.                 |  | Brazil         
|UNIBANCO SAÚDE LTDA. 30                                              |  | Brazil         
|UNIBANCO SECURITIES INC.                                             |  | USA            
|UNIBANCO SECURITIES LTD.                                             |  | England        
|UNIBANCO SERVIÇOS DE INVESTIMENTO LTDA.                              |  | Brazil         
|UNIBANCO UNIÃO DE BANCOS BRASILEIROS (LUXEMBOURG) S.A.               |  | Luxembourg     
|UNICAP HOLDINGS S.A.31                                               |  | Brazil         
|UNICARD BANCO MÚLTIPLO S.A. 32                                       |  | Brazil         
|ÚNICO DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA. 33        |  | Brazil         
|UNICORP BANK & TRUST LTD.                                            |  | Cayman Islands 

|                                                            |  |               
|----------------------------------------------------------- |  | --------------
|UNI-INVESTMENT INTERNATIONAL CORP.                          |  | Cayman Islands
|UNIPART B2B INVESTMENTS, S.L.                               |  | Spain         
|UNIPART PARTICIPAÇÕES INTERNACIONAIS LTD.                   |  | Cayman Islands
|URSIL S.A.34                                                |  | Uruguay       
|VIDA NETWORK SAÚDE LTDA. 35                                 |  | Brazil        
|WALE S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS 36 |  | Brazil        

__________________________27 This company was merged into Phenix Seguradora S.A. on July 30, 2004, but such merger is still pending the approval of SUSEP. 28 This company was merged into Unibanco Investshop Corretora de Valores Mobiliários e Câmbio S.A. on January 31, 2005, but such merger is still pending filing with the Registrar of Companies in Brazil. 29 This company was merged into Unibanco-União de Bancos Brasileiros S.A on April 30, 2004, but such merger is still pending filing with the Registrar of Companies in Brazil. 30 See note 16. 31 Unicap Holding S.A. is the current corporate name of Tradecom Brasil S.A., which has 100% of its share capital currently held by companies of our group. 32 As of April 30, 2003, the corporate name of Banco Bandeirantes S.A was amended to Unicard Banco Múltiplo S.A. Notwithstanding the foregoing, such amendment is still pending filing with the Registrar of Companies in Brazil. 33 The corporate name of Único Distribuidora de Títulos e Valores Mobiliários S.A. was amended to Hipercard Sociedade de Crédito, Financiamento e Investimento S.A. on January 27, 2006, but such amendment is
still pending the approval of the Central Bank of Brazil. 34 This company is wholly owned by Surinvest International Limited. See note 23. 35 See note 16.36 The corporate name of Wale S.A. Distribuidora de Títulos e Valores Mobiliários was amended to Unibanco Asset Management S.A. Distribuidora de Títulos e Valores Mobiliários on April 28, 2006, but such
amendment is still pending approval of the Central Bank of Brazil.

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