Thank you for looking into this Marc! I checked the config.php file, but there are only the usual connection settings like db name, host and password. No connection type specification or anything of interest.
While trying to further track down the issue, i noticed that after fresh installation with multilanguage site profile, in the settings tab of the homepage i am only seeing the name field for the english language, where as according to documentation i should be seeng fields for all three languages (english, german and finnish). I am appending a screenshot of the settings tab of my homepage right after the fresh installation.
I am still completely lost - what happened to the other two languages?