The Labour Party is less than impressed by the latest financial moves affecting Kiwibank.

It's been partially sold off by its parent company NZ Post with a 25 percent stake going to the SuperFund and a 22 percent share to ACC.

"The deal keeps Kiwibank in public ownership and gives the bank access to additional sources of capital," said Finance Minister Bill English.

"It also returns a dividend of about $200 million to the government which can be used for other high priorities."

NZ Post is netting $494m from the deal.

"Investment opportunities of this size and potential are rare in New Zealand," said NZ Super Fund chief executive Adrian Orr after the deal was completed on Monday.

"We believe Kiwibank will make an important contribution to portfolio returns over the long term and take pleasure in adding another major New Zealand investment to the Fund."

The investors valued Kiwibank at $1.05 billion.

While supportive of KiwiBank being able to get better access to capital and expand its business, Labour MP David Parker said it would be better if the Government provided it.

"Instead, it's effectively forced Kiwibank to go to the SuperFund and ask ACC to use their investment moneys to go into Kiwibank.

And Mr Parker's also critical the Government will get a dividend from NZ Post as a result of the transaction, saying funds are being snaffled by the Government rather than being left in Kiwibank.