ANZ will take its time, maybe into next year, to work up a new ownership model for its wealth and insurance arm, one the bank spelled out yesterday as a "partnership" following what, more than likely, will still be a clean sale.A partial listing of ANZ wealth by its new owner is one option.ANZ's wealth division had an embedded value of A$4.8 billion at the end of 2016, with $48 billion under management. Shayne Elliott, ANZ's managing director, used the bank's BlueNotes portal to explain the group's latest strategic approach to ANZ Wealth, taking care to drive home the partnership meme.Elliott and ANZ's goals are no great shift from the in-principal plan outlined at the time of ANZ's full year profit in late 2016."We're seeking really to form a partnership for a very long period of time with an operator that we feel comfortable with and who wants to do the right thing by customers. That's going to take a bit of time to get to know people," Elliott told BlueNotes."I'd be very surprised if we have any major announcements before the end of this calendar year," he said.The ANZ CEO also made clear that the bank "may well be discussing with partners, looking at our options, that all or part of this business gets listed on the local stock exchange and available for people to invest in."Elliott said ANZ would give up "the classical vertical integration [model] where we own and operate everything. "There are other parts of the world that are very comfortable in this partnership model, but here in Australia and for ANZ, we're going to keep an open mind. Elliot's interviewer, Andrew Cornell, cited "reputational damage to the banking industry [that] has been concentrated in wealth," and asked "whether it's advice or insurance, does that play into the decisions?" Elliott hedged: "Yes and no … in terms of our decision and in terms of seeking a partnership model, not really, because actually the reputational damage is really about how to go to market and engage with your customers.