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The name Banquo is a Shakespearean baby name. In Shakespearean the meaning of the name Banquo is: The Tragedy of Macbeth' Thane of Lochaber, a general in the King Duncan's army. After his murder, his ghost appears to Macbeth.
Shakespeare borrowed the character of Banquo from Holinshed's Chronicles, a history of Britain published by Raphael Holinshed in 1587. In Chronicles Banquo is an accomplice to Macbeth in the murder of the king, rather than a loyal subject of the king who is seen as an enemy by Macbeth. Shakespeare may have changed this aspect of his character in order to please King James, who was thought at the time to be a descendant of the real Banquo.