The only thing SMRT stopped short of becoming another CMB is
having strikes in the company.
NWFB did bring a lot of improvements after taking the remaining CMB
routes. Phasing out all but one hotdog 4 years after it took over
(the last one (DM6/ Open top Dennis Condor) was phased out on
24/1/2008, 15C now uses an open top AC (on the lower deck) Condor).
Improving service standards, bought new Tridents for the
takeover.
CMB is now a properties company.
It can be said that SMRT is like CMB, while TIBS is like NWFB.