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In this paper, a nonlinear subband decomposition scheme with perfect reconstruction is proposed for lossless and progressive coding of multispectral images. The merit of this new scheme is to exploit efficiently the spatial and the spectral redundancies contained in the multispectral images related to a scene of interest. Besides, the proposed method is suitable for telebrowsing applications. Experiments carried out on real scenes allow to assess its performances. The simulation results demonstrate that our approach leads to improved compression performances compared with currently used lossless coders.