A long-haul transmission of 100 Gb/s without optical chromatic-dispersion (CD) compensation provides a range of benefits regarding cost effectiveness, power budget, and nonlinearity tolerance. The channel memory is largely dominated by CD in this case with an intersymbol-interference spread of more than 100 symbol durations. In this paper, we propose CD equalization technique based on nonmaximally decimated discrete Fourier transform (NMDFT) filter bank (FB) with non-trivial prototype filter and complex-valued infinite impulse response (IIR) all-pass filter per sub-band. The design of the sub-band IIR all-pass filter is based on minimizing the mean square error (MSE) in group delay and phase cost functions in an optimization framework. Necessary conditions are derived and incorporated in a multi-step and multi-band optimization framework to ensure the stability of the resulting IIR filter. It is shown that the complexity of the proposed method grows logarithmically with the channel memory, therefore, larger CD values can be tolerated with our approach.