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         
|BANCO DIBENS S.A.                                             |  | Brazil         
|BANCO FININVEST S.A.                                          |  | Brazil         
|BANCO ÚNICO S.A.                                              |  | Brazil         
|BANDEIRANTES PROCESSAMENTO DE DADOS LTDA. 2                   |  | Brazil         
|CONABINU PARTICIPAÇÕES LTDA.3                                 |  | Brazil         
|CORRETORA DE SEGUROS E CAPITALIZAÇÃO UBB LTDA.                |  | Brazil         
|DIBENS LEASING S.A.  ARRENDAMENTO MERCANTIL                  |  | Brazil         
|EMPRESA BRASILEIRA DE CAPTURA DE TRANSAÇÕES ELETRÔNICAS LTDA. |  | Brazil         
|ESTREL ADMINISTRAÇÃO E PARTICIPAÇÕES S.A.                     |  | Brazil         
|ESTREL ADMINISTRAÇÃO S.A.                                     |  | Brazil         
|ESTREL ADMINISTRADORA E CORRETAGEM DE SEGUROS LTDA.4          |  | Brazil         
|ESTREL ESTUDOS, REPRESENTAÇÕES E ADMINISTRAÇÃO LTDA.          |  | Brazil         
|ESTREL SERVIÇOS ADMINISTRATIVOS S.A.                          |  | Brazil         
|FININVEST  NEGÓCIOS DE VAREJO LTDA.                          |  | Brazil         
|HIPERCARD BANCO MÚLTIPLO S.A.                                 |  | Brazil         
|HIPERCARD INVESTIMENTOS LTDA.                                 |  | Brazil         
|HIPERCARD PROMOTORA DE VENDAS LTDA.5                          |  | Brazil         
|INTERBANCO S.A.                                               |  | Paraguay       
|MARCEP CORRETAGEM DE SEGUROS LTDA.                            |  | Brazil         
|MEGBENS ADMINISTRAÇÃO DE BENS LTDA.                           |  | Brazil         
|MICROINVEST S.A.  SOCIEDADE DE CRÉDITO AO MICROEMPREENDEDOR  |  | Brazil         
|NET ONE ADMINISTRADORA E CORRETORA DE SEGUROS LTDA.           |  | Brazil         
|ORQUÍDEA PARTICIPAÇÕES E EMPREENDIMENTOS LTDA.6               |  | Brazil         
|PHENIX PARTICIPAÇÕES LTDA.7                                   |  | Brazil         
|PROREVENDA PROMOTORA DE VENDAS E PRESTAÇÃO DE SERVIÇOS LTDA.  |  | Brazil         
|SAFECARD - CORRETORA DE SEGUROS LTDA.8                        |  | Brazil         
|TRADECOM INTERNATIONAL N.V.9                                  |  | The Netherlands
|TULIPA ADMINISTRAÇÃO S.A.                                     |  | Brazil         
|TULIPA ESTUDOS E PARTICIPAÇÕES S.A.                           |  | Brazil         
|TULIPA S.A.                                                   |  | Brazil         
|TULIPA SERVIÇOS ADMINISTRATIVOS S.A.                          |  | Brazil         
|UAM  ASSESSORIA E GESTÃO DE INVESTIMENTOS LTDA.10            |  | Brazil         
|UASEG SEGUROS S.A.11                                          |  | Brazil         

____________________________1 This company was totally spin-off on October 29, 2004, but such spin-off is still pending filing with the Registrar of Companies in Brazil. 2 This company was merged into Administradora e Corretora de Seguros Unibanco Ltda. on January 31, 2003, but such merger is still pending filing with the Registrar of Companies in Brazil. 3 This company was merged into Hipercard Banco Múltiplo S.A. on July 29, 2005, but such merger is still pending filing with the Registrar of Companies in Brazil. 4 This company was merged into Administradora e Corretora de Seguros Unibanco Ltda. on September 30, 2002, but such merger is still pending filing with the Registrar of Companies in Brazil. 5 This company was merged into Fininvest Negócios de Varejo Ltda. on August 31, 2006, but such merger is still pending filing with the Registrar of Companies in Brazil. 6 This company was constituted on December 1st, 2006. 7 This company was merged into Phenix Seguradora S.A. on June 30, 2004, but such merger is still pending filing with the Registrar of Companies in Brazil. 8 This company was constituted on September 5, 2006. 9 We currently held, indirectly, 100% of the share capital of this company. 10 UAM  Assessoria e Gestão de Investimentos Ltda. is the current corporate name of Unibanco Asset Management  Banco de Investimentos S.A.

---

##### 



|                                                                                        |  |               
|--------------------------------------------------------------------------------------- |  | --------------
|UBB HOLDING LTDA.12                                                                     |  | 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.13                                                         |  | Brazil        
|UNIBANCO AIG SAÚDE SEGURADORA S.A.                                                      |  | Brazil        
|UNIBANCO AIG SEGUROS S.A                                                                |  | Brazil        
|UNIBANCO AIG VIDA E PREVIDÊNCIA S.A.14                                                  |  | Brazil        
|UNIBANCO AIG WARRANTY S.A. 15                                                           |  | Brazil        
|UNIBANCO ASSET MANAGEMENT S.A. DISTRIBUIDORA DE TÍTULOS E 
      VALORES MOBILIÁRIOS 16 |  | Brazil        
|UNIBANCO CAYMAN BANK LTD.                                                               |  | Cayman Islands
|UNIBANCO COMPANHIA DE CAPITALIZAÇÃO                                                     |  | Brazil        
|UNIBANCO CONSULTORIA DE INVESTIMENTOS LTDA.17                                           |  | Brazil        
|UNIBANCO EMPREENDIMENTOS E PARTICIPAÇÕES S.A.18                                         |  | Brazil        
|UNIBANCO EMPREENDIMENTOS LTDA.                                                          |  | Brazil        
|UNIBANCO INVESTIMENTOS E PARTICIPAÇÕES S.A.19                                           |  | 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 SECURITIES INC.                                                                |  | USA           
|UNIBANCO SERVIÇOS DE INVESTIMENTO LTDA.                                                 |  | Brazil        
|UNIBANCO UNIÃO DE BANCOS BRASILEIROS (LUXEMBOURG) S.A.                                  |  | Luxembourg    
|UNICAP HOLDINGS S.A.20                                                                  |  | Brazil        
|UNICARD BANCO MÚLTIPLO S.A.                                                             |  | Brazil        
|ÚNICO DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA. 21                           |  | 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
|VIDA NETWORK SAÚDE LTDA. 22                                                             |  | Brazil        
|                                                                                       

11 This company was constituted on April 7, 2006, but such constitution is still pending the approval of SUSEP.12 UBB Holding Ltda. is the current corporate name of Proudfoot Brasil Ltda., but such amendment is still pending filing with the Registrar of Companies in Brazil.13 This company was merged into Phenix Seguradora S.A. on July 30, 2004, but such merger is still pending the approval of SUSEP. 14 Unibanco AIG Vida e Previdência S.A. is the current name of Phenix Seguradora S.A., but such amendment is still pending the approval of SUSEP. 15 This company was merged into Unibanco AIG Seguros S.A. on June 30, 2006, but such merger is still pending the approval of SUSEP. 16 As of April 28, 2006, Unibanco Asset Management S.A. Distribuidora de Títulos e Valores Mobiliários is the current corporate name of Wale S.A. Distribuidora de Títulos e Valores Mobiliários. 17 This company was constituted on March 1st, 2006. 18 As of November 8, 2006, Unibanco Empreendimentos e Participações S.A. is the current corporate name of Unibanco Empreendimentos e Participações Ltda. 19 Unibanco Investimentos e Participações S.A. is the current corporate name of Iniesta Participações S.A., which was acquired by our group on August 3, 2006. 20 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. 21 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. 22Vida Network Saúde Ltda. was merged into Unibanco AIG Seguros S.A on February 27, 2004, but such merger is still pending filing with the Civil Registrar of Companies in Brazil.

---