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I have reinstalled the game. This time I changed settings one by one and restarted the game after each change.
- Changed the resolution to native 1080p
- Changed the presets to maximal
- Switch on Enhanced full lighting (DX10)
That's the point the game starts crashing. Looks like aproblem with the DX10 renderer
Ok, I found the culprit: MS Windows update KB 2670838, which apparently breaks a lot of games.
I tried to uninstall it, but it failed to roll back changes to DirectX. So I was forced to reinstall the Windows. This time I hid this update.
The update would be required for IE 10/11 though, but who uses it anyway.