This letter proposes an efficient extension of the set partitioning embedded block (SPECK) algorithm to lossless multispectral image coding. Such a wavelet-based coder is widely referred to in the literature, especially for lossless image coding, and is considered to be one of the most efficient techniques exhibiting very low computational complexity when compared with other state-of-the-art coders. The modification proposed in this letter is simple and provides significant improvement over the conventional SPECK. The key idea is to join each group of two consecutive wavelet-transformed spectral bands during the SPECK coding since they show high similarities with respect to insignificant sets at the same locations. Simulation results, carried out on a number of test images, demonstrate that this grouping procedure considerably saves on the bit budget for encoding the multispectral images.