HSBC's ambitions to become "the world's local bank" appears to be over. The bank is selling its Brazilian subsidiary in a landmark move that leaves Citigroup and Spain's Santander as the only two foreign banks with a retail banking subsidiary in Brazil. The asset sale will strengthen HSBC's balance sheet at a time when the bank is dealing with heavier capital requirements. In response to those increased regulatory costs, HSBC has been trying to become simpler and could perhaps look to shed more assets. Fortune