Quadrature Mirror Filter (QMF) banks are comprehensively used for sub-band coding, where the signal is split into two or more sub-bands in the frequency domain, so that each sub-band signal can be processed in an independent manner and sufficient compression may be achieved (Vaidyanathan, 1993). Two-channel QMF bank finds applications in various signal processing fields, such as design of wavelet bases (Chan et al., 2004), image coding (Smith and Eddins, 1990; and Xia and Jiang, 1995), digital trans-multiplexers (Bellanger and Daguet, 1974), discrete multi-tone modulation systems (Vetterli, 1984), ECG signal compression (Afonso et al., 1999), antenna systems (Chandran, 2003), digital audio industry (Painter and Spanias, 2000), biomedical signal processing (Kumar et al., 2010) and wireless personal communication (Vaidyanathan, 1990; and Liu et al., 2000). Efficient design of two-channel QMF bank, while keeping minimum dimensions, is an important task in the field of multirate signal processing. Therefore, various unconstrained and constrained optimization techniques (Johnston, 1980; Jain and Crochiere, 1984; Chen and Lee,
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