Once you have all three pieces of the Dragon Banner, you're going to have to make a choice that's going to determine how the rest of your Mount & Blade II: Bannerlord campaign will play out. You'll learn their exact locations after speaking to the NPCs after which you'll have to clear them out as you would any other hideout. You start the quest with one piece of Bannerlord's Dragon Banner in your possession, the remaining two being obtainable from hideouts near Epicrotea and Mannurath. You'll also learn that the two NPCs have opposing agendas: while Istiana wants to use the banner to bolster the Empire, Arzagos wants to use the Dragon Banner to destroy it. Upon talking with the NPCs, you'll learn that the Dragon Banner has legendary status in Calradia and could potentially unite factions under it for a single cause. Thankfully, they don't move around, being found in Epicrotea and Mannurath respectively. One of them tasks you with meeting with Istiana, the other with Arzagos. As soon as you're done speaking to the 10 nobles, the Neretzes' Folly quest will be replaced with two new quests.

Mount and blade warband custom banners