How important is face-time with (aka kissing the ass of) senior bankers to get promoted? Is it really necessary to go on painful social outings in order to receive a promotion?

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Very, VERY important... seriously

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When it comes to deciding who to promote, if they don't know who you are it's going to be quite difficult.

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Senior bankers kiss their clients' assess to win business. All part of the game.

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@Jefferies 1, speak for yourself

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Ass kissing. Face time. Arguably different but @OP used them interchangeably. Do you really hold such a rosy view of the profession?

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McKinsey & Company Boston Consulting Group

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