MONTREAL -- National Bank (NA.TO) announced plans to build a new head office in downtown Montreal.

The bank says its new headquarters will be at the corner of St-Jacques St. and Robert-Bourassa Blvd.

It says the building concept will be finalized over the coming months through an architectural competition.

The use of materials and services from Quebec and Canadian clients of the bank will be preferred in all facets of construction.

The bank plans to be the sole occupant of the new building with a planned occupancy date of 2022.

National Bank says the tower currently housing its head office will be put up for sale shortly with proceeds going to the future construction.