Volkswagen (VW) has handed Deutsche Bank, its fellow bastion of corporate Germany, the consolation prize of a second-tier role on the $100bn listing of Porsche, the globally renowned sports car marque.

Sky News has learnt that VW has picked Deutsche alongside Morgan Stanley, BNP Paribas and Unicredit as joint bookrunner to augment the all-Wall Street line-up it hired in March to lead the forthcoming initial public offering.

The appointment will provide some measure of relief to Deutsche, which was reported to have pitched hard for one of the leading joint global co-ordinator roles on the deal.

Bank of America, Citi, Goldman Sachs and JP Morgan were named as joint global coordinators, with a Porsche IPO expected to raise as much as $20bn from the sale of new shares.

That would make it one of the largest flotations on record, with Porsche set to become one of the flagship companies on Frankfurt’s stock exchange.

The IPO would come amid a comparative drought for flotations, with many companies deterred from pursuing listings because of economic uncertainty.

In February, VW confirmed its decision to explore a separate listing of Porsche.

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The sports car manufacturer’s executive chairman, Oliver Blume, said at the time: “Porsche is a strong brand with a robust business model and a worldwide fan community.

“We also pursue ambitious sustainability goals: for example, Porsche plans to achieve a neutral CO2 balance in 2030.”

Other banks, including Barclays and Commerzbank, may be appointed to the third rung of the deal, according to insiders, although it is not clear whether those appointments have been finalised.

A Porsche spokesman declined to comment, while the investment banks contacted by Sky News also declined to comment.

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