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This is probably a bit of a oob question, but a search didn't show me anything to help.
If I give my Corsairs the Magic Banner 'Banner of Murder', the unit gains armour piercing.
When faced with an undead ethreal unit, does this armour pircing also count as being magical (as it is granted by a magic banner)?
If it's anything like the rules for the Wight Blade's "killing blow", then the answer is No.
Because the Banner is the only thing which is magical, and it never says that it makes the weapons Magical, you are still going to be in a tight spot against the ethereals.
It would be like saying that the extra attack afforded by the Frenzy banner is magical, because the magic banner is granting the attack.
For another example, the High Elf 'Talisman of Light' explicitly states that it grants magical attacks. Other weapons will explicitly state that they 'count as magic attacks/weapons' in the case of Dryads and Chaos Knights with hand weapons.
It's actually a very good question, because that would certainly make a dangerous unit indeed.
Magic items do what they say in their descriptions. A banner only confers magical attacks if it says so in the description. The "magical" element is represented by the in-game effect, in this case Armour Piercing.
It has yet to be proven that intelligence has any survival value. - Arthur C. Clarke (1917 - 2008)