WEST LOOP — BMO Financial Group announced plans to occupy a new 50-story tower planned next to Union Station by 2022.

On Monday, the bank revealed its plans to move into the building, called BMO Tower which would bring 3,600 BMO employees under one roof, the company said in a press release. The company would occupy 14 stories in the 700-foot-tall building.

“The BMO Tower in Chicago will be a centerpiece to the business transformation that’s underway at our company,” said Darryl White, Chief Executive Officer of BMO Financial Group.

BMO will develop the high rise in partnership with Riverside Investment & Development and Convexity Properties.

David Casper, U.S. Chief Executive Officer for BMO Financial Group, said the company had operated in Chicago for more than 150 years.

In a statement, Casper said the building was “nod to the past,” while investing in its future in Chicago.

Mayor Rahm Emanuel said the new BMO tower showed the company’s commitment to the city and its future, and represented a “vote of confidence in the Union Station Modernization Project.”