A novel image coding scheme by using two-channel complexvalued filter banks (CFBs) is proposed in this paper. Up to now, most of the image coding schemes have used real-valued filter banks (RFBs). In other words, there are no efficient image coding framework using CFBs since the amount of samples transformed by CFBs is twice as much as that of RFBs. However, CFBs are expected to have better frequency characteristics than RFBs, since CFBs have more design parameters than that of RFBs. Thus, if the problem is solved, CFBs could be efficient for image coding. In this paper, a new algorithm which can preserve the amount of information when CFBs are applied to image coding is introduced. It is shown that the proposed image coding scheme using CFBs is superior to conventional real-valued wavelet-based image coding.