British and other European banks entered China around the middle of the nineteenth century to service the growing number of Western trade firms. The Chinese coined the term "yinhang" (銀行), meaning "silver institution", for the English word "bank". The first foreign bank in China was the Bombay-based British Oriental Bank (東藩匯理銀行), which opened branches in Hong Kong, Guangzhou and Shanghai in the 1840s. Other British banks followed suit and set up their branches in China one after another. The British enjoyed a virtual monopoly on modern banking for forty years. The Hong Kong and Shanghai Banking Corporation (香港上海匯豐銀行), now HSBC, established in 1865 in Hong Kong, later became the largest foreign bank in China.