EX-8.1 2 dp45456_ex0801.htm EXHIBIT 8.1

| Subsidiaries of the Company | Exhibit 8.1

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 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