  Let $A,X,Y$ be Banach spaces and $A\times X\to Y$, $(a,x)\mapsto ax$, be a
continuous bilinear function, called a *Banach action*. We say that this action
*preserves unconditional convergence* if for every bounded sequence
$(a_n)_{n\in\omega}$ in $A$ and unconditionally convergent series
$\sum_{n\in\omega}x_n$ in $X$ the series $\sum_{n\in\omega}a_nx_n$ is
unconditionally convergent. We prove that a Banach action $A\times X\to Y$
preserves unconditional convergence if and only if for any linear functional
$y^*\in Y^*$ the operator $D_{y^*}:X\to A^*$, $D_{y^*}(x)(a)=y^*(ax)$, is
absolutely summing. Combining this characterization with the famous
Grothendieck theorem on the absolute summability of operators from $\ell_1$ to
$\ell_2$, we prove that a Banach action $A\times X\to Y$ preserves
unconditional convergence if $A$ is a Hilbert space possessing an orthonormal
basis $(e_n)_{n\in\omega}$ such that for every $x\in X$ the series
$\sum_{n\in\omega}e_nx$ is weakly absolutely convergent. Applying known results
of Garling on the absolute summability of diagonal operators between sequence
spaces, we prove that for (finite or infinite) numbers $p,q,r\in[1,\infty]$
with $\frac1r\le\frac1p+\frac1q$, the coordinatewise multplication
$\ell_p\times\ell_q\to\ell_r$ preserves unconditional convergence if and only
if one of the following conditions holds: (i) $p\le 2$ and $q\le r$, (ii)
$2<p<q\le r$, (iii) $2<p=q<r$, (iv) $r=\infty$, (v) $2\le q<p\le r$, (vi)
$q<2<p$ and $\frac1p+\frac1q\ge\frac1r+\frac12$.
