EX-8.1 2 dp29483_ex0801.htm EXHIBIT 8.1

Unassociated Document

Exhibit 8.1

Subsidiaries of the Company

Subsidiary		Jurisdiction of Incorporation		Principal Activity
BBVA Francés Asset Management  S.A. Sociedad Gerente de Fondos Comunes de Inversión		Republic of Argentina		Mutual funds
BBVA Francés Valores Sociedad de Bolsa S.A.		Republic of Argentina		Stock exchange brokerage
Consolidar AFJP S.A. (undergoing liquidation proceedings)		Republic of Argentina		Pension and Retirement Fund Administrators
PSA Finance  Argentina Compañía Financiera S.A.		Republic of Argentina		Financial Institution